Pakistani Rupee historic gains against US dollar in intrabank

Pakistani Rupee historic gains against US dollar in intrabank

Pakistani Rupee gained a whopping Rs2.49 value and reached Rs213 in interbank trading. The last week’s closing was Rs215.49 after an appreciation of 1.57 percent.

Federal Minister for Finance and Revenue Miftah Ismail said that the International Monetary Fund’s (IMF) executive board is expected to meet on August 29 for taking up Pakistan’s request to approve the seventh and eighth reviews and release a tranche of $1.17 billion under the Extended Fund Facility (EFF). He said: “We have received the Letter of Intent (LoI) copy and we will send it back to the IMF’s executive board on Monday.”

The revival of IMF programme indicates that the country’s external financing needs have been fulfilled by the bilateral friends and also conveyed to the IMF.

The State Bank of Pakistan (SBP) Dr Murtaza Syed said that Pakistan would manage an additional $4 billion to shore up dwindling foreign exchange reserves from friendly countries and SBP will continue to intervene for avoiding the disorderly movement of the exchange rate.